Libya’s OLA Energy Group has signed a definitive agreement to acquire the Ethiopian assets of France’s TotalEnergies, significantly expanding its footprint in East Africa. Announced during a signing ceremony in Paris, the transaction positions OLA Energy as the largest foreign player in Ethiopia’s competitive downstream fuel distribution sector.
The high-profile event was attended by top dignitaries, including Libya’s Minister of Oil and Gas, Khalifa Abdulsadiq, and TotalEnergies CEO Patrick Pouyanné. Representatives from both corporations finalized the deal, which aligns with broader strategic transitions occurring within the continent’s energy landscape.
Under the terms of the acquisition, OLA Energy will take ownership of approximately 120 fuel service stations across Ethiopia. Additionally, the transaction includes a major fuel storage terminal boasting a capacity of 13,000 cubic meters, along with all associated operational and commercial activities previously managed by the French multinational.
For TotalEnergies, the divestment represents a tactical realignment of its African asset portfolio. Meanwhile, for OLA Energy—a pan-African entity owned by the Libya Africa Investment Portfolio—the move is designed to bolster Libya’s external investment revenues and strengthen cross-border economic integration.
Industry analysts view the acquisition as a pivotal development for Ethiopia’s energy market, which is experiencing rising demand for modernized distribution networks. The transition is expected to proceed through standard regulatory approvals while ensuring uninterrupted fuel supply operations across the country.